Qiming Venture Partners Announced the Successful Closing of Fund IV at $500 Million
SHANGHAI, China, April 10, 2014-- Qiming Venture Partners announced today that it had closed Fund IV at $500 million. This fund continues Qiming's strategy of funding innovations through outstanding Chinese entrepreneurs in the Information Technology, Consumer and Internet, Healthcare, and Cleantech sectors. Qiming's assets under management now exceed $1.6 billion after its debut in 2006.
Qiming's portfolio includes over 70 investments distributed among its targeted sectors. Qiming Venture Partners invests in early-stage and expansion-stage deals, with over 50% of its investments in early stage companies. Qiming's initial investment in a portfolio company ranges from $500K to $30 million.
Qiming takes great pride in its investment team. Managing Partners Duane Kuang, JP Gan, Gary Rieschel and Nisa Lin are all recognized leaders in their respective areas and within the venture capital community. They are proud to be joined by Partners William Hu, Yong Zhang, Grace Lee, Helen Wong, Jing Wu and Janet Yu as the leadership team for Qiming. This team's stability is a clear differentiator in China among both entrepreneurs and limited partners.
There are currently over 40 staff within the firm, and all the senior team members have the combination of investing and operating experience coveted by today's Chinese entrepreneurs.
Current Qiming portfolio companies include:
•Xiaomi, one of the fastest growing companies in history and a leading smartphone and application developer in China
•Tigermed (SZSE: 300347 -- IPO Q3 2012), China's leading clinical research organization
•China Cache (NASDAQ: CCIH -- IPO Q4 2010), China's leading content delivery network provider
•Jiayuan (NASDAQ: DATE -- IPO Q2 2011), China's leading online dating site
•Taomee, (NYSE: TAOM -- IPO Q2 2011), a leading children's entertainment site in China
•Forgame (HKEx: 484 -- IPO Q3 2013), a leading online gaming company in China
•PPS.tv, one of the largest online video platforms in China, merged with iQiyi/Baidu
•Citic Pharma, a leading drug distributor in China, acquired by Shanghai Pharma
•Dianping, a leading dining and lifestyle information site in China
•eHi, a leading car rental company in China
•Alltech Medical, a leading domestic MRI systems company
•Arrail Dental, a leading domestic dental service provider
•Gan and Lee, China's leading analog insulin company
•Hexing, a leading power meter company in China
•LP Amina, a leading company in coal fired power plant efficiency and emissions
•Lanzatech, a leading biofuels company (along with its JV Partner, Bao Steel Industrial Gases)
•TutorABC, a leading online education platform in Taiwan and China
•Mogujie, a leading female social e-commerce community in China
•Meitu, a leading photo editing and self-photographing application developer and hardware designer in China
Among many other great companies.
Sunil Gottipati, Investment Director at Princeton University Investment Company, described Princeton's relationship with Qiming as follows: "We have developed an excellent working relationship with Qiming from the very beginning as its lead investor and believe it is now one of China's best venture capital firms."
Ed Grefenstette, President and CIO of The Dietrich Foundation, said, "Qiming's development has been extraordinary, and the firm represents many best-in-class practices within the venture capital community in China."
Most of the LPs in Qiming IV are returning LPs from prior Qiming funds, including Princeton University, Robert Wood Johnson Foundation, New York University, Pantheon, Commonfund, Emerald Hill, UTIMCO ("University of Texas Investment Management Company"), Mayo Clinic and Dietrich Foundation etc.. There are four new investors in Fund IV including MIT and University of Pittsburgh Medical Center.
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